Hi Anuj...for the last few days SEF has looked weak but is being quite resilient at 242 off. A close well below 240 may have warranted a short here, but I would still have hesitated. The reason, we are into the contract expiry now and any short covering here will make it rally. This is exactly what's been happening to you last three days.
I would square off now to play safe. Should the market rally, and it well may from this pullback now, there may be trouble in short positions. The breadth is still good too.
Or should the Nifty break below 2403, you may have a chance, but 242 is still strong support at SRF.
This is my opinion.
What say, saint?

Why is it only hearts? Why are brains never broken?
Is logic indivisible truth, and passion just a token?

Well-Known Member

Hi Anuj...for the last few days SEF has looked weak but is being quite resilient at 242 off. A close well below 240 may have warranted a short here, but I would still have hesitated. The reason, we are into the contract expiry now and any short covering here will make it rally. This is exactly what's been happening to you last three days.
I would square off now to play safe. Should the market rally, and it well may from this pullback now, there may be trouble in short positions. The breadth is still good too.
Or should the Nifty break below 2403, you may have a chance, but 242 is still strong support at SRF.
This is my opinion.
What say, saint?

Anuj, for now I still feel there may not be much of a downside. SRF's been consolidating and not broken even 246 for long. It may breakout in either direction at some point, but 245-246 may still hold out. Should Nifty break 2403-2400, 2396 could still hold, and even a bounce back is possible from those levels.
Watch for weakness in SRF at 244-245 and the Nifty at 2392-2396. If not, square off and keep some profit. There is 90 minutes of the session left and you have 60 to square. Pulls will be strong in both directons.
You've been losing money, so do play safe and cautious.

Why is it only hearts? Why are brains never broken?
Is logic indivisible truth, and passion just a token?

Hi Anuj, I'm really glad you bailed out. SRF has been showing marked weakness above 254-256 and this is where it should have been shorted intraday last few days. Much buying below 240 too.
I rarely do intraday, though there are several systems to scan for buy or sell for this. Unless one is adapt in TA it can be very speculative to get into this. Most punters book losses here. I suggest you get some learning done in TA and then begin to work on a system which works for you.
I'm sure there are any number of trading tips newsletters but I haven't used any so wouldn't know.
Do look under Technical Analysis in this forum for a list of books and websites where you can begin to learn the subject.
All the best.

Why is it only hearts? Why are brains never broken?
Is logic indivisible truth, and passion just a token?

Well-Known Member

Dear Amitbe,
I accedentally happened to go thro this thread now & congratulate you for the excellent intrepretation of the movement & advice given.I had gone thro the graph aswell which corrborates yr timely views.
I also concurr with yr views on Intra day trading & wonder when punters like you are avoidind intra,why novice are doing this & incurr losses repeatedly.Is it addiction,complacence or Greed.Frankly i am unable to conclude.
Lot to learn from people like you who do not hesitate to share yr experience.
Best wishes,
ranga